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Philippine peso
|ISO= PHP |users= Philippines |years= 1898–present |inflation= 2.8% (2017) |subunit= sentimo or centavo |symbol= ₱ |coins= 1¢, 5¢, 10¢, 25¢, ₱1, ₱2, ₱5, ₱10, ₱20 |banknotes= ₱20, ₱50, ₱100, ₱200, ₱500, ₱1,000 |central bank= Bangko Sentral ng Pilipinas |printer= The Security Plant Complex |mint= The Security Plant Complex }} The Philippine peso, also referred to by its Filipino name piso (sign: ₱; code: PHP), is the official currency of the Philippines. It is subdivided into 100 centavos or sentimos in Filipino. As a former colony of the United States, the country used on its currency, with the word "peso" appearing on notes and coinage until 1967. Since the adoption of the usage of the on banknotes and coins, the term "piso" is now used. Since 2017, the ISO 4217 standard refers to the currency by the Filipino term "piso". The peso is usually denoted by the symbol "₱". Other ways of writing the Philippine peso sign are "PHP", "PhP", "Php", "P$", or just "P". The "₱" symbol was added to the standard in version 3.2 and is assigned U+20B1 (₱). The symbol can be accessed through some word processors by typing in "20b1" and then pressing the Alt and X'' buttons simultaneously."[How-To Type the Philippine Peso Currency Sign"]. Laboratory sandbox. Retrieved on 2013-10-01. This symbol is unique to the Philippines as the symbol used for the peso in countries like Mexico and other former colonies of Spain in Latin America is "$". Banknotes and coins of the Philippines are minted and printed at the Security Plant Complex of the ''Bangko Sentral ng Pilipinas (Central Bank of the Philippines) in . Coinage Both Spain and the United States struck coins for the Philippines while the latter was their colony. Spanish issues were 1 peso, 2 pesos and 4 pesos (all gold from 1861–1868 and again in 1880-1885). Silver fractional coinage ran from 1864–1868 and again from 1880–1885 and were in the denominations of ten centavo, twenty centavo and fifty centavo. The United States also struck coins for use in the Philippines from 1903 to 1945. Denominations included the centavo, one centavo, five centavo, 10 centavo, 20 centavo, 50 centavo, and one peso. The and 1 centavo coins were struck in bronze, the 5 centavo struck in Copper (75%) - Nickel (25%), the 10, 20, 50 centavo and peso coins were struck in a silver composition. From 1903 to 1906, the silver coins had a silver content of 90%, while those struck after 1906 had a reduced silver content of 75% for 10 through 50 centavos and 80% for the peso. In both cases the silver was alloyed with copper. The obverse of these coins remained largely unchanged during the years 1903 to 1945. The centavo, one centavo, and five centavo coins depict a Filipino man kneeling against an anvil, with a hammer resting at his side. He is on the left side (foreground), while on the right side (background) there is a simmering volcano, Mt. Mayon, topped with smoke rings. This figure is an allegory for the hard work being done by the native peoples of the Philippines in building their own future. The obverse of the 10, 20, 50 centavo, and peso coins are similar, but they show the figure of Liberty, a standing female figure (considered by many to be the daughter of the designer 'Blanca') in the act of striking the anvil with a hammer. This was done to show the work being done by Americans in building a better Philippines. Liberty appears on the silver coins, instead of the base metal coins. The reverse of the coins comes in two varieties. The earliest coins were minted when the islands were a US Territory, and they bear the arms of the US Territories. This is a broad winged eagle, sitting atop a shield divided into two registers. The upper register has 13 stars, and the lower register has 13 vertical stripes. The date appears at the bottom, and "United States of America" appears at the top. When the islands became a US Commonwealth, the arms of the Commonwealth were adopted. This seal is composed of a much smaller eagle with its wings pointed up, perched over a shield with peaked corners, above a scroll reading "Commonwealth of the Philippines". It is a much busier pattern, and widely considered less attractive. Coins were minted at the Philadelphia, San Francisco, Denver, and (after it was opened in 1920) Manila mints. Most of the coins struck at the Manila mint occurred after 1925. Proof sets were struck for collectors from 1903 to 1908. It is likely that a large majority of these sets remained unsold at the time they were issued. The recorded mintage for sets in 1905, 1906, and 1908 is a modest 500. Defenders of Corregidor threw a large number of silver coins into the ocean, rather than allow the Japanese to accumulate this wealth. A great deal of the booty was later recovered, but many of those were badly corroded. Among the rarest coins in the U.S. Philippines series from the collectors' standpoint are the 1906-S One Peso, the 1916-S Five Centavos, the 1918-S Five Centavo Mule, the 1903-S Twenty Centavos (especially in Mint State) and the 1915-S One Centavo. Three Commemorative coins were minted to celebrate the Commonwealth in 1936. They show President Franklin D. Roosevelt, Commonwealth President Manuel L. Quezon and U.S. High Commissioner Frank Murphy, who also has served as the last Governor General of the Islands. The 50 Centavo commemorative has a reported mintage of 20,000 pieces, was struck in 75% silver, and weighs 10 grams (the same specifications as other 50 centavos). The two varieties of One Peso commemorative had reported mintages of 10,000 pieces. They weigh 20 grams, and are 90% silver. After the granting of independence to the Philippines in 1946, no coins were minted for the Philippine Republic until 1958, other than a small silver commemorative issue in 1947 to honor General Douglas MacArthur. Totals of 200,000 50 centavos and 100,000 one peso coins were minted with the general's image on the obverse and the national coat-of-arms on the reverse. Struck at the San Francisco Mint, they carry the "S" mintmark below the date. In 1958, the 20 centavos was replaced with a 25 centavos and all coins were resized to be the same diameter as their US equivalents, albeit in more base metals, other than the centavo. The same seated man with anvil and volcano or standing liberty with anvil and volcano designs were retained for the obverses while the seal of the Central Bank of the Philippines dominated the reverse. These coins were minted by the Philadelphia Mint from 1958 through 1963, and then by the Royal Mint in England and the Vereinigte Deutsche Metallweke in West Germany in 1965 (dated 1964) and 1966. In view of all subsequent issues using the Tagalog language, this coinage is often referred to as the "English Series" since it uses the English language. The next series was introduced in 1967, introducing images of various Philippine national heroes, and the use of the Tagalog (or "Pilipino") language, hence being called the "Pilipino Series." The sizes of the coins were reduced. These coins were struck by the various US mints, except for some 50 centavos pieces dated 1972 which were minted in Singapore, and a couple commemorative issues struck by the Sherritt Mint in Canada. In 1972 the one peso denomination was reintroduced. In commemoration of Fedinand Marcos' declaration of Martial Law (which he titled "Ang Bagong Lipunan," the new society), a new series of coinage was issued in 1975, referred to as the Ang Bagong Lipunan Series. The 50 sentimo was done away with as a denomination and a new 5 peso issue took its place. A variety of mints provided these coins, including the Royal Mint in England and the Vereinigte Deutsche Metallweke in West Germany, Philadelphia and San Francisco mints in the US, the Franklin Mint (a private mint also in the US), the Sherritt Mint in Canada, and finally the Philippine's own mint, once it was opened and able to produce coinage. From this point on, the Philippine Mint (Bangko Sentral Pilipinas, "BSP") produced nearly all Philippine coinage. After eight years, the Ang Bagong Lipunan series gave way to a new series titled the Flora and Fauna Series, in which the coins, in addition to featuring various Philippine national heroes as before, also began featuring various plant and animal life forms native to the Philippines. The 50 Sentimo and 2 Piso denominations were reintroduced, which latter had not been struck as a coin since the Spanish had struck it in gold. The 5 Piso denomination was stopped, but resumed (in a new smaller size) concurrent to the final four years of the Flora and Fauna Series which featured reduced sizes for all denominations. The Flora and Fauna Series was struck from 1983 through 1994. In 1995 the New BSP Series was introduced, which is still circulating today, but might be demonetized soon. Only this current series of coins are legal tender as of January 2, 1998, when the Bangko Sentral ng Pilipinas issued BSP Circular No. 81 which called for the demonetization of all previous existing Central Bank coins minted before 1995. Recently, fake 10- and 5-piso coins dating 2001 and 2002 have entered circulation. Because of this, the Bangko Sentral ng Pilipinas issued a warning and several security measures on importing and falsifying Philippine coins. And it is because the BSP has announced that there is an artificial shortage of coins last June 2006. The BSP has asked the public to use all small coins or to have them exchanged for banknotes in local banks or other financial institution. In December 2008 a Philippine Congress resolution called for the retirement and demonetization of all coins less than 1 Piso. Although, the BSP still circulates coins less than 1 piso. On November 29, 2017, the Bangko Sentral ng Pilipinas announced the release of the first coin in the New Generation Currency Coin series for circulation starting December 2017. As a tribute to the 154th birth anniversary of Andres Bonifacio, the first coin to be released was the new silver-colored 5-peso coin featuring Bonifacio on the obverse, replacing Emilio Aguinaldo. The reverse features the Tayabak plant and the new BSP logo. The rest of the NGC coin series were presented on March 26, 2018.BSP Releases New Generation Currency Coins Banknotes New Generation Currency Series (current) In 2009, the Bangko Sentral ng Pilipinas announced that it will launch a massive redesign for the banknotes and coins to further enhance security features and to improve durability. The members of the numismatic committee included Bangko Sentral Deputy Governor Diwa Guinigundo and Dr. Ambeth Ocampo, chairman of the National Historical Institute. Designed by Studio 5 Designs and Design Systemat, the new banknotes' designs features famous Filipinos and iconic natural wonders. Philippine national symbols will be depicted on coins. The BSP started releasing the initial batch of new banknotes in December 2010. The word used in the bills was "Pilipino" (ᜉᜒᜎᜒᜉᜒᜈᜓ). On December 16, 2010, the new design for Philippine banknotes were released. The font used for lettering in the banknotes is Myriad, while the numerals are set in the Twentieth Century font.Cory, Ninoy together again on new 500-peso bill, Jam Sisante, GMANews.TV, December 16, 2010 On December 16, 2016, BSP announced that they will launch sets of banknotes bearing President Duterte's signature. The BSP initially released five million pieces of the new 20, 50, 100, 500, and 1,000-peso bills with Duterte's signature. As for the 200-pesos bills, only two million pieces were released because of lower demand for this denomination.https://cnnphilippines.com/news/2016/12/20/duterte-bsp-banknotes.html The New Generation Currency series will be the only circulating set of notes by December 30, 2017.http://news.abs-cbn.com/business/12/29/14/still-hanging-your-old-peso-bills-read In 2017, the BSP updated the design of the NGC series banknotes with the following changes:BSP Releases New Generation Currency Banknotes with Enhanced Design and the Signature of the Fourth Governor of the Bangko Sentral ng Pilipinas, Bangko Sentral ng Pilipinas, December 5, 2017 *Replacing the signature of BSP governor Amando Tetangco Jr. to the newly appointed governor Nestor Espenilla Jr. (all banknotes) *Enlarged the font size of the year of issue (all banknotes) *Italicization of the scientific names on the reverse (all banknotes) *Replaced the images of the Aguinaldo Shrine and the Barasoain Church on the obverse side of the ₱200 banknote with scenes of the Declaration of Philippine Independence and the opening of the Malolos Congress respectively. *The text "October 1944" was added after the word "Leyte Landing" at the obverse of the ₱50 banknote *The Order of Lakandula Medal and the phrase “Medal of Honor” were removed on the obverse side of the ₱1000 banknote Coins Banknotes Security *Raised ink on all upper-left numbers (20, 50, 100, 200, 500, 1000) - All banknotes *Rough Texture - All banknotes *Concealed Value - All banknotes *Watermark - All banknotes *See-through registration device - All banknotes *5mm-wide 3D Security Thread - 1000 peso notes *4mm-wide Metallic Security thread - 100, 200, and 500 notes *2mm-wide Embedded Security thread - 20 and 50 Peso notes *Optically Variable Device Patch - 500 and 1000 Peso notes *Optically Variable Ink - 1000 Peso notes *UV Light - All Banknotes Errors Several errors have been discovered on banknotes of the New Generation series and have become the subject of ridicule on social networking sites. Among these are the exclusion of Batanes from the Philippine map on the reverse of all denominations, the mislocation of the Puerto Princesa Subterranean Underground River on the reverse of the 500-peso bill and the Tubbataha Reef on the 1000-peso bill, and the incorrect coloring on the beak and feathers of the blue-naped parrot on the 500-peso bill.Errors found on new peso bills | ABS-CBN NewsError-filled peso bills spark uproar - INQUIRER.net, Philippine News for Filipinos The scientific names of the animals featured on the reverse sides of all banknotes were incorrectly rendered as well.Philippine Money - Peso Coins and Banknotes: Error in Scientific Names on New Generation Banknotes According to Design Systemat, the designers of the new bills, that drafts prepared by the company of the new 500-peso bill shows a red beak of the blue-naped parrot. This color was changed by the printers to account for practical printing concerns. The designers further explains that printing banknotes is not like printing brochures. Due to the intalgio printing and limited printing capability of banknote printers, it can only produce a limited full color reproduction. The alleged mislocation of the Tubbataha Reef on the one thousand peso note was due to a security feature, a smaller version of the featured species on the bills' reverse (which is also featured on all banknote denominations) was located on top of the exact location of the Tubbataha Reef on the map. Giving the option of either moving the key security feature on the standard position or locating the Tubbataha marker correctly, the bills' French printers, Oberthur Technologies, decided to move the reef marker slightly south on the Philippine map.The peso’s makeover from an insider’s view , Daxim Lucas, Philippine Daily Inquirer, January 1, 2011 History For more information, see in the English Wikipedia The Isabella peso or peso fuerte The Isabelline peso, more formally known as the peso fuerte, was a unit of account divided into 100 céntimos (equivalent to 8 reales fuertes or 80 reales de vellón). Its introduction led to the Philippines' brief experiment with the gold standard, which would not again be attempted until the American colonial period. The peso fuerte was also a unit of exchange equivalent to 1.69 grams of gold, 0.875 fine (0.0476 XAU), equivalent to ₱1,390.87 (refers to the modern peso; as of September 2015). Coin production at the Casa de Moneda de Manila began in 1861 with gold coins (0.875 fine) of three denominations: 4 pesos, 2 pesos, and 1 peso. On March 5, 1862, Isabel II granted the mint permission to produce silver fractional coinage (0.900 fine) in denominations of 10, 20, and 50 centimos de peso. Minting of these coins started in 1864, with designs similar to the Spanish silver escudo. American Colonial Period (1901-1945) After the United States took control of the Philippines, the United States Congress passed the Philippine Coinage Act of 1903, established the unit of currency to be a theoretical gold peso consisting of 12.9 grains of gold 0.900 fine (0.026875 XAU), equivalent to ₱2,933.07 modern pesos of as of 22 December 2010. The act provided for the coinage and issuance of Philippine silver pesos substantially of the weight and fineness as the Mexican peso, which should be of the value of 50 cents gold and redeemable in gold at the insular treasury, and which was intended to be the sole circulating medium among the people. The act also provided for the coinage of subsidiary and minor coins and for the issuance of silver certificates in denominations of not less than 2 nor more than 10 pesos. Commonwealth Period (1935-1946) When the Philippines became a US Commonwealth in 1935, the coat of arms of the Philippine Commonwealth were adopted and replaced the arms of the US Territories on the reverse of coins while the obverse remained unchanged. This seal is composed of a much smaller eagle with its wings pointed up, perched over a shield with peaked corners, above a scroll reading "Commonwealth of the Philippines". It is a much busier pattern, and widely considered less attractive. Modern currencies (1946-present) Pilipino Series The Pilipino series banknotes is the name used to refer to Philippine banknotes issued by the Central Bank of the Philippines from 1969 to 1973, during the term of President Ferdinand Marcos. It was succeeded by the Ang Bagong Lipunan Series of banknotes, to which it shared a similar design. The lowest denomination of the series is 1-piso and the highest is 100-piso. This series represented a radical change from the English series. The bills underwent Filipinization and a design change.After the declaration of Proclamation № 1081 on September 23, 1972, the Central Bank demonetized the existing banknotes (both the English and Pilipino series) on March 1, 1974, pursuant to Presidential Decree No. 378.13 All the unissued banknotes were sent back to the De La Rue plant in London for overprinting the watermark area with the words "ANG BAGONG LIPUNAN" and an oval geometric safety design. Ang Bagong Lipunan series The Ang Bagong Lipunan Series (literally, ”The New Society Series") is the name used to refer to Philippine banknotes issued by the Central Bank of the Philippines from 1973 to 1985. It was succeeded by the New Design series of banknotes. The lowest denomination of the series is 2-piso and the highest is 100-piso. After the declaration of Proclamation № 1081 by President Ferdinand Marcos on September 23, 1972, the Central Bank was to demonetize the existing banknotes in 1974, pursuant to Presidential Decree 378. All the unissued Pilipino Series banknotes (except the one peso banknote) were sent back to the De La Rue plant in London for overprinting the watermark area with the words "ANG BAGONG LIPUNAN" and an oval geometric safety design. The one peso note was replaced with the two peso note, which features the same elements of the demonetized "Pilipino" series one peso note. On September 7, 1978, the Security Printing Plant in Quezon City was inaugurated to produce the banknotes. And a minor change of its BSP seal. New Design Series The New Design Series (NDS) was the name used to refer to Philippine banknotes issued from 1985 to 1993; it was renamed the BSP series when the Bangko Sentral ng Pilipinas was established in 1993. It was succeeded by the New Generation Currency (NGC) banknotes issued on December 16, 2010. The NDS/BSP banknotes were no longer in print and legal tender after December 31, 2015. The NDS/BSP notes was demonetized and exchanged with NGC notes in 2016; all will be withdrawn from circulation originally scheduled by January 1, 2017. The demonetization was however extended until December 29, 2017 after the Bangko Sentral ng Pilipinas approved the extension due to public clamor. New Generation Currency (current) In 2009, Bangko Sentral ng Pilipinas (BSP) announced that it has launched a massive redesign for current banknotes and coins to further enhance security features and improve durability. The members of the numismatic committee include BSP Deputy Governor Diwa Guinigundo and Ambeth Ocampo, Chairman of the National Historical Institute. The new banknote designs feature famous Filipinos and iconic natural wonders. Philippine national symbols will be depicted on coins. The BSP started releasing the initial batch of new banknotes in December 2010. References * |} Category:Circulating currencies Category:Currencies of the Philippines Category:Currencies with an ISO 4217 code Category:Philippine peso